Alfa Bank filed bankruptcy petitions against two subsidiaries of Russian aluminum giant Rusal: Sual and Rusal-Krasnoyarsk, which owe the bank $73.8 million. (Rusal’s total bank debt is $14 billion, over half of which is owed to foreign banks.) The filing took place amid negotiations to restructure Rusal parent Basic Element’s $800 million debt to Alfa. Rusal called the bankruptcy proceedings “raiding aimed at destabilizing the company’s operations,” while Alfa contends that its move was prompted by Basic Element’s demand to restructure its entire debt to Alfa as a condition for an agreement on Rusal. Alfa also threatened to file bankruptcy petitions against other unnamed Basic Element companies. A temporary solution for Rusal is reported to be in the making: repayment of all Rusal loan arrears to Alfa ($85.9 million), which Rusal’s other creditors have approved.
http://10.vedomosti.ru/newspaper/print/2009/09/25/214731
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